A Form 433-A is required if a revenue officer is assigned to your case to determine how much you can pay the IRS every month. It is also used if you are applying for an offer in compromise, a CNC (currently not collectible), or any type of IRS settlement arrangement. The IRS can file a criminal case if you provide false information.
In the form, you have to list key information.
First, the people in your household and marital status. Include joint debt, any settlements, and your spouse's financial information, unless it's a separate tax liability. Declare if your spouse provides income.
Second, your assets. This includes mortgage, bank accounts, any cryptocurrency, transportation, and valuables like gold. Give a breakdown of your monthly expenses.
The IRS only allows certain expenses based on national standards. If your expenses go above, provide documentation. For example, gas receipts and medical receipts from recurring illnesses or a sick relative.
The revenue officer reviews your form and may ask questions. Include estimated tax payments to receive a lower monthly payment.
Self-employed corporation owners need to fill out Form 433-B for each business they own. They must file all their current tax returns on time.
If you don't send these forms to your revenue officer on time, they will move to wage garnishments, bank levies, etc. If you're submitting this as part of an offer in compromise or to get a currently not collectible (CNCs), the IRS will disallow your settlement to go forward if any information is inaccurate. If it's an offer in compromise, they will return or reject it. If you are applying for CNC, you can call and fill out Form 433-A with an agent. Have information ready to be faxed if they need it.
Writing false documents to hide existing assets results in paying more than what was set.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
